Increasing Penetration Of Smartphones: Key Driver Transforming the A2P Messaging Market in 2024
A2P Messaging Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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In recent years, the A2P messaging market size has witnessed steady growth, and it's anticipated to ascend from $69.96 billion in 2023 to $72.68 billion in 2024, translating to a compound annual growth rate CAGR of 3.9%. Factors such as increased internet penetration, rising smartphone usage, evolution in business communication, integration of SMS in services, and necessities for security and authentication contribute to this historic growth.
Looking ahead, the upward trajectory is projected to maintain momentum, with the A2P messaging market size swelling to $88.53 billion by 2028. Over this forecast period, the CAGR is expected to notch up to 5.1%, driven by IoT communication, extensive adoption in banking and financial services, increased use in healthcare and for appointment reminders, adoption of chatbots and AI, and industry-specific integration.
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One key growth driver echoing across the A2P messaging market spectrum is the increasing penetration of smartphones. A smartphone, a portable electronic device that connects users to the internet and cellular networks, facilitates A2P messaging to help users receive messages from a business application for marketing or customer service purposes, primarily through an automated process. For example, as of February 2023, Uswitch Limited reveals that in 2022, the UK had 71.8 million mobile connections, a 3.8% rise compared to 2021. Moreover, it's forecasted that by 2025, 95% of the UK population will own a smartphone, fueling the expansion of the A2P messaging market.
Many prominent players operate within the A2P messaging market. These include China Mobile Limited, AT&T Inc., Orange S.A., Twilio Inc., Sinch AB, Tata Communications Limited, Genesys Telecommunications Laboratories Inc., Syniverse Technologies LLC, Infobip Ltd., MessageBird B.V., and many more. Striding forward, key trends projected to cast an impact on the market include compliance with regulatory standards, interactive messaging experiences, vertical-specific messaging solutions, API integration and platform diversification, and omnichannel messaging strategies.
The full report contains more detailed information: https://www.thebusinessresearchcompany.com/report/a2p-messaging-global-market-report
The A2P messaging market report dissects the market into several segments:
1 By Component: Platform, A2P Service
2 By SMS Traffic: National Traffic, Multi-Country
3 By Deployment Mode: On-Premises, Cloud
4 By Application: Authentication Services, Promotional and Marketing Services, Customer Relationship Management Services, Pushed Content Services, Interactive Messages, Other Applications
5 By End Users: Banking, Financial Services, and Insurance, Retail and Ecommerce, E-Governance, Hyperlocal Businesses, Healthcare, Travel and Hospitality, Other End Users
Shedding light on regional aspects, in 2023, North America emerged as the largest player in the A2P messaging market. However, the forecast period predicts Asia-Pacific to outpace other regions with the fastest growth rate. The market report encompasses regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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